Recently I was talking with a successful serial entrepreneur and he commented that he looks for major trends when deciding on his next business. He described it as finding a big sand box that he likes and digging around in it until he finds a great opportunity — I agree completely. I like to think about it as focusing on a small, fast-growing market doing a zig zag until you find the best wave to ride.
Here are some big trends right now:
- Cloud computing
- Social media
- Location-based services
Those are some very generic trends. The idea is to find an angle or leading edge component within a trends and get ahead of the market. As for timing, 2-4 years early is often optimal.
What else? What are your thoughts on entrepreneurs that look to ride major trends?